Global Precision Engineering Machines Market Size To Grow USD 23.24 Billion By 2032 | CAGR of 6.4%
The Global Precision Engineering Machines Market Size was valued at USD 12.50 Billion in 2022 and the global precision engineering machines market is expected to reach USD 23.24 Billion by 2032. According to a research report published by Spherical Insights & Consulting, Companies Covered: Amada Machine Tools Co., Ltd., Amera-Seiki, DATRON AG, Dalian Machine Tool Group (DMTG) Corporation, DMG Mori Co., Ltd., FANUC Corporation, Haas Automation, Inc., Hurco Companies, Inc., Okuma Corporation, Shenyang Machine Tool Co., Ltd., Yamazaki Mazak Corporation. And other key Vendors.
New York, United States , Nov. 06, 2023 (GLOBE NEWSWIRE) — The Global Precision Engineering Machines Market Size is to Grow from USD 12.50 Billion in 2022 to USD 23.24 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Precision engineering machines are advanced mechanical devices used in industries such as aerospace, automotive, electronics, and medical equipment. Equipped with cutting-edge technologies like CNC systems, sensors, and high-precision actuators, these machines offer exceptional accuracy and repeatability. They perform tasks like milling, turning, grinding, and drilling with micron-level precision, ensuring the production of complex components and products with tight tolerances. Engineered to minimize vibrations and thermal effects, precision engineering machines push the boundaries of manufacturing capabilities. They play a crucial role in advancing technology and innovation by enabling the production of intricate parts that are vital for various industries.
Browse key industry insights spread across 210 pages with 126 market data tables and figures & charts from the report on the “Global Precision Engineering Machines Market Size, Share, and COVID-19 Impact Analysis, By Type (CNC Machine Tools, EDM Machine Tools, and Others), By End-Use (Automotive and Non-Automotive), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032″.
Both the CNC machine tools and EDM machine tools segment is expected to grow at a CAGR of around 6.5% during the forecast period
Based on the type, the global precision engineering machines market is segmented into CNC machine tools, EDM machine tools, and others. Both the CNC machine tools and EDM machine tools segments in the precision engineering machines market are expected to exhibit substantial growth. The CNC machine tools offer advanced automation, precision, and versatility in manufacturing processes, driving their demand across industries. Similarly, EDM machine tools provide high precision and the ability to work with difficult-to-machine materials, making them essential for industries such as aerospace and medical equipment. The growing emphasis on automation, technological advancements, and increasing demand for precision components are driving the growth of both CNC machine tools and EDM machine tools in the market.
The automotive segment is expected to grow at a CAGR of around 6.2% during the forecast period
Based on end-use, the global precision engineering machines market is segmented into automotive and non-automotive. The automotive segment is expected to witness significant growth during the forecast period in the precision engineering machines market. The automotive industry is constantly evolving, with increasing demands for lightweight and fuel-efficient vehicles. Precision engineering machines play a crucial role in manufacturing complex automotive components, such as engine parts, transmission systems, chassis components, and electronic systems, with high precision and accuracy. The advancements in electric vehicle technology and autonomous driving systems are driving the need for advanced precision engineering machines capable of producing intricate and precise components required for these emerging automotive technologies. Moreover, the automotive sector’s focus on automation, process optimization, and cost efficiency is driving the adoption of precision engineering machines to improve manufacturing productivity and quality in the automotive industry.
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Europe is predicted to grow at a significant CAGR of around 6.5% over the projected period
Based on region, Europe is expected to experience significant growth in the precision engineering machines market during the forecast period. Europe has a strong manufacturing base and is known for its high-quality precision engineering products. The region’s industries, including automotive, aerospace, and electronics, demand advanced and precise manufacturing solutions. There is a growing focus on automation and industry 4.0 initiatives in Europe, driving the adoption of precision engineering machines. Moreover, the region’s emphasis on sustainability and energy efficiency is pushing industries to invest in advanced manufacturing technologies, including precision engineering machines. Additionally, supportive government policies, research and development activities, and collaborations between industry players and academic institutions are expected to drive growth in the precision engineering machines market in Europe.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global precision engineering machines market include Amada Machine Tools Co., Ltd., Amera-Seiki, DATRON AG, Dalian Machine Tool Group (DMTG) Corporation, DMG Mori Co., Ltd., FANUC Corporation, Haas Automation, Inc., Hurco Companies, Inc., Okuma Corporation, Shenyang Machine Tool Co., Ltd., and Yamazaki Mazak Corporation.
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In January 2022, The Precision Machining section of the Mercedes Benz Truck Factory was bought by Balu Forge Industries Ltd (BFIL) of Mannheim, Germany. The acquisition will be incorporated into BFIL’s brand-new machining facilities in Belgaum, Karnataka, and will cement the company’s position as a global leader in precision manufacturing. Because of the extension, BFIL will be able to produce crankshafts and other precision machined parts for original equipment manufacturers of class 7 and class 8 trucks and heavy-duty vehicles.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global precision engineering machines market based on the below-mentioned segments
Precision Engineering Machines Market, By Type
- CNC Machine Tools
- EDM Machine Tools
Precision Engineering Machines Market, By End-Use
Precision Engineering Machines Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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